After crossing the day high of Rs.175.35 at falling as low as Rs.169.90 through the day, one stock of DLF Ltd. was observed to be priced at Rs.174.
With the volume weighted average price being Rs.173.36 , the total traded volume was observed to be 2,785,662 stocks.
The bid price was Rs.171 for 2637 stocks

Tomorrow might the important day that most of investors are waiting for. After falling below its crucial support level of 10100 bulls have taken charge in Index and pull Nifty future back towards 10180 levels in the last hour today which shown sign of positivity for bulls as bears couldn’t hold Nifty future at lower levels and finally lost its momentum to bulls.

On daily chart Nifty future has formed spinning top candlestick pattern after open gap down today which is trend reversal in nature

RSI has shown bullish divergence on charts which is positive signal for index

Nifty future is in the formation of double bottom price pattern which is another positive for index

In last 3 trading session we had seen that Bank Nifty future has not fall as much as Nifty future and whenever market shown recovery then Bank Nifty future has recovered fast as compare to Nifty future.

Bears are losing their hand and this is an opportunity for investors and traders. Risk reward ratio is in our favor at current scenario. This is the time to accumulate quality stocks.

24500 and 10100 is very crucial support level for both Bank Nifty future and Nifty future on closing basis and if Nifty future manages to sustain beyond 10290 levels then we might see Nifty future trading 10600 and Bank Nifty future at 26000 level soon.

GUJRAT FLUORO
Gujarat Fluorochemicals Limited (GFL) is a part of the $3 billion INOX Group of Companies. INOX Group is a family owned, professionally managed business group, with market leadership in diverse businesses including Industrial Gases, Refrigerants, Chemicals, Cryogenic Engineering, Renewable Energy and Entertainment. Within Chemicals, exposure is further diversified to PTFE (Polytetra flouro-ethylene, 38 percent), caustic soda (23 percent), Chloromethane (14 percent) and refrigerant gases (16 percent).
FUNDAMENTAL OUTLOOK
Company’s standalone business which is mainly constitutes chemicals business reported sales jump of 38 percent YoY in Q1 FY19 backed by higher pricing growth in refrigerators (21 percent), chloromethane (32 percent), PTFE and value-added products. PTFE value-added grade, in particular, had a strong volume (18 percent) and pricing growth (28 percent).
Operating margins improved to 30.8 percent (from 20.8 percent in Q1 FY18) on account of better realizations and value-added share (14.6 percent vs. 9.2 percent in Q1 FY18).Company’s chemical business contribution to operating profit has increased to 60 percent from 51 percent in Q1 FY18.
Positive prospects for PTFE and caustic soda industry end markets are among the key drivers. In the case of the caustic soda industry, supply-demand imbalance (supply cut in China and Europe) has been favourable for product prices. In addition, end markets like paper industry, water treatment and alumina industries are also doing well.
TECHNICAL OUTLOOK
From late Jan 2018 stock has been trading in range between 890-730. In the week gone by we had seen strong buying movement in stock giving breakout of the range on closing basis despite sell off in Index. With more than 55% stock has been taken for delivery by investors in last 8 days. We had seen huge volume in stock on 17th and 12th OCT, which had been seen in OCT 2017.
Technical indicators like:
MACD is showing buying crossover on daily chart which shows bullish signal in stock
RSI has given trend line breakout which also given bullish signal in stock
PARABOLIC SAR and Momentum Oscillator both showing buying strength in the stock
From the above evidence we conclude that stock may move up above the level of 900 and may test 930-955 levels in the week with a stop loss below 864
RESISTANCE AND SUPPORT
RESITANCE 1- 900 SUPPORT 1- 865
RESISTANCE 2-940 SUPPORT 2-830

With a roller coaster movement we have observed in index it has finally managed to show some sort of relief to investors with bulls took all the control in the market from bears. Indian market rallied on Friday despite a weakness in the US markets, where the Dow closed over 500 points lower on Thursday which also help other currencies to recover against USD.

After bleeding Index finally took support of Trend line and 100 days moving average which we can see in charts below. With a movement of 353.35 points in Nifty future and 1229.55 points movement in Bank Nifty future throughout the week.

WEEKLY INDEX SNAP SHOT

INDEX

OPEN

HIGH

LOW

CLOSE

NIFTY FUTURE

10273.90

10508.90

10155.55

10486.55

BANK NIFTY FUTURE

24444.70

25514.55

24285.00

25406.95

On weekly charts, this week Bank Nifty future had engulf the body of previous week candle with strong bullish candle suggesting bulls had taken control and market may remain positive for next week. Whereas Nifty future had formed hammer candlestick pattern after taking support of 100 days moving average and trend line support.

Now both Bank Nifty future and Nifty future is at crucial resistance levels. For Bank Nifty future resistance is at 25550 and for Nifty future resistance is at 10520 levels which will be very crucial for next week.

If both indices breaks their crucial level and also sustain above it then we may see Nifty future to test 10700-10800 level next week with crucial support of 10400 followed by 10150.

MARKET HIGHLIGHTS

As we said in our commentary, market is in correction mode today

 Still we are witnessing stock specific movement which allow us to earn in both side of the market
 Maximum OI in nifty call is at 11500 which will act as crucial resistance for this expiry
 11400-11420 is key support for short term movement
 Buying on extreme dips and sell on high strategy to be adopt for today